May 1, 2023
Regulators seized First Republic Bank and sold its assets to JPMorgan Chase & Co. on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil. …
April 21, 2023
Credit Suisse has lodged a $440 million claim against Japan’s SoftBank Group Corp. in London as it presses ahead with formal proceedings in a dispute borne from the failure of Greensill Capital, a finance firm. The Swiss lender is trying …
March 29, 2023
Sergio P. Ermotti is stepping down as the chairman of Swiss Re, following his appointment as the new CEO of UBS. Swiss Re’s Board of Directors will immediately start the search to find a successor. In the interim, board member …
March 27, 2023
Bonds designed to insure Credit Suisse Group AG against disaster could outlive the bank. Credit Suisse’s Operational Re bonds, insurance-linked securities that cover the bank against perils such as falling victim to fraud and accounting errors, should remain unaffected by …
March 27, 2023
Credit Suisse bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS. These higher-yielding junior bonds emerged from the …
March 24, 2023
The rapidly unfolding crises of confidence at Credit Suisse Group AG and Silicon Valley Bank are prompting some regulators gathered at the European Central Bank to rethink their treatment of liquidity risk. The watchdogs are in the early stages of …
March 20, 2023
U.S. banking stocks rose on Monday and Europe’s lenders recovered from a sharp early sell-off after UBS Group’s state-backed takeover of Credit Suisse appeared to close off one source of worry for the global banking sector. In a package engineered …
March 16, 2023
Switzerland’s UBS has agreed to buy rival Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock in a shotgun merger engineered by Swiss authorities. Credit Suisse had embarked on an overhaul to recover from scandals, losses and lawsuits, …
March 16, 2023
Credit Suisse shares jumped around 18% on Thursday after the company secured a lifeline from the Swiss central bank to shore up investor confidence, reversing some of the losses that stripped off a quarter of its market value the day …
March 2, 2023
Credit Suisse Group AG “seriously breached” its risk management obligations in the Greensill Capital supply-chain financing affair, Switzerland’s banking regulator has concluded as it closed its probe against the bank. The Swiss bank was ordered to take remedial measures by …